Your Family Is Our Focus

Divorce? Millennials may be more protected than past generations

On behalf of Law Offices of Jacqueline R. McNutt posted in Divorce on Tuesday, July 10, 2018.

Marriage is about the union of two people in love, yes, but some millennials also understand something else -- marriage is a legal contract with obligations from both parties. More than past generations, millennials in Texas seem to be interested in prenuptial agreements and the protections that these valuable documents afford. In the case of divorce, these individuals tend to have more to protect as well as more to protect themselves from.

Over the last three years, 50 percent of surveyed lawyers told the American Academy of Matrimonial Lawyers that they have seen an increase in prenuptial agreements from people between the ages of 18 and 34. So is this simply because this generation is more self-centered than their parents? Not according to some experts.

A survey found that around 33 percent of millennials are actively postponing marriage and another 38 percent are waiting to have kids. This is largely due to this generation's focus on career, which another survey revealed was significant. In that survey, 71 percent said they would put off marriage so that they would be able to relocate with work to a more desired area.

These actions tend to culminate in significant wealth and debts. Career-focused individuals typically have retirement savings or stock options from their employer, and this generation is also heavily burdened by student loans. This makes sense when considering the three most common topics addressed by millennial prenups -- protection for separate property that increases in value, inheritance rights and asset division.

No one wants to lose something that they have worked years to cultivate or grow, and similarly the idea of taking on an ex's debt can be distressing. Prenuptial agreements can ease these worries and clear the path toward a better, more open marriage by giving couples in Texas the opportunity to discuss these matters freely. And in the event of a divorce? Individuals can feel assured that their important assets will stay where they belong -- with them.

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